IS NOW A GOOD TIME TO SELL A HOUSE?
November 3, 2023 - There is still a shortage of properties for sale, which means fewer properties will be competing with yours for buyers - should you decide now is the right time to sell.
BUYING & SELLING IN THE SAME MARKET
If you are buying and selling in the same market, you have less cause for concern as you might sell for less than you might have a year ago but you can also expect to pay a bit less for your new property than it would have cost a year ago. While you might get a bit less for your property, you will also probably be paying less commission - so keep that in mind.
CONFIDENCE RETURNING FOR SELLERS
The second half of 2023 has shown a return to confidence by property sellers, but because some are still holding back, that has eaten into the for-sale stock which for those who proceed benefit from.
Competition among buyers for fewer properties can work to push prices up although that will depend on who you list your property with.
WHO'S IN THE MARKET FOR BUYING PROPERTIES?
There are always buyers for the usual reasons such as getting onto the property ladder, downsizing, upsizing, upgrading, changing jobs to new locations, births, deaths, building new, wanting to invest, wanting a warmer home or being closer to family which has become more common in recent years.
HOW TO SELL FOR THE HIGHEST PRICE
Regardless of the property market, sale prices are dependent on things like the structure/layout of the property, presentation, land size, aspect and location to name a few. But ultimately, house sale prices are heavily reliant on the competency of the real estate agent, their appraisal accuracy and method of sale used. Here is a checklist to help you better scrutinise free real estate appraisals.
As long as a property is listed with a suitable property agency and the real estate agent is capable, experienced, trusted and proven competent, your chances of the price you want increases.
We find that properties listed with a real estate agency and agent that we have vetted are more likely to achieve the highest price possible. Notably, they also sell on average in 27 days. (The current national average is 40 days)
Real estate agents who have been proven competent through our vetting process are more likely to have worked in difficult markets and have the attributes and negotiation skills required to get you the best result.
TIPS FOR SELLING A HOUSE IN 2023
If the time is right for your circumstances, any time of year can be a good time to sell, depending on:
- the accuracy of your property appraisal
- which agency and agent you choose to list your property with
- the method of sale used
- the standard of advertising and marketing
Proactive, digital real estate marketing to find qualified buyers for your location, price range and property type is key, as is the method of sale - all things which impact on your sale price.
Doing your due diligence and comparing real estate agents' competence has never been more important.
BUYERS NEED MORE HELP TO BUY HOUSES
Home buyers need more help to meet bank lending affordability and Loan to Value Ratio rules. This requires help from their real estate agent to liaise with banks, mortgage brokers, insurance companies, property valuers, lawyers, councils, tradespeople, Trusts and families - often at speed.
You may have a property zoned for development in Auckland and would like to know how to sell to developers or you may have tenants that wish to remain as tenants if the buyer is investing in your property.
On many occasions, home buyers need to sell their existing home, so your sale and purchase agreement may be conditional upon that. The scenarios are many and a real estate agent must have the capability to manage conditions, often within tight timeframes.
A high level of knowledge, tact, integrity, competence, experience and negotiation are a minimum so make sure your real estate agent has been vetted - it can be very reassuring and can achieve the result you need.
You can request a list of vetted agents to objectively compare here - a genuine free service for New Zealanders since 2009.
ACCURATE HOUSE APPRAISAL PARAMOUNT
A real estate appraisal sets the foundation for a property sale and if it's poorly researched in the economic climate of the day, you will be on the back foot from day one, possibly without even being aware of it.
We are still hearing many stories of real estate agents providing unrealistic appraisals to entice sellers to list with them, and once they are in a contract, the price crunching starts, creating a disheartening experience rather than a satisfying one.
Successful property sales in this market depend entirely on the real estate agent's initiative, digital marketing, integrity, personal attributes, ability to manage various methods of sale and of greatest value, their negotiation skills.
Our vetting process throughout the last 13 years has proven to achieve optimum sale prices, within shorter than average time frames, regardless of the time of year. Read some of our reviews.
If you need any advice get in touch now or call 0800 789 532 - we're here to help.
Agent Finder NZ Awards:
- Best Independent Real Estate Advisors 2022 | BUILD 2022 Real Estate & Property Awards
- Best Property Advice Hub New Zealand 2021 | APAC
- Most Reputable Property Advice Hub New Zealand for Wise Up NZ 2020 | APAC
- Best Real Estate Agent Vetting Service 2018 | APAC
Article updated November 8, 2023 by Trish Willis - Agent Finder NZ director | Member of the Property Institute of NZ (IPAC) & awarded Independent Property Advisor of the Year 2023.